Goodwill and Other Intangible Assets, Net

9 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

5 Goodwill and Other Intangible Assets, Net

The company's acquisition of Venture Products on March 2, 2020 resulted in the recognition of $62.3 million and $75.3 million of preliminary goodwill and other intangible assets, respectively. For additional information on the company's acquisition of Venture Products, refer to Note 2, Business Combinations.

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2020 were as follows:

(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2019	$	350,250	$	10,469	$	1,534	$	362,253
Goodwill acquired	62,252		—		—		62,252
Purchase price allocation adjustment	(866)		—		—		(866)
Translation adjustments	560		29		—		589
Balance as of July 31, 2020	$	412,196	$	10,498	$	1,534	$	424,228

Other Intangible Assets, Net

The components of other intangible assets, net as of July 31, 2020 were as follows:

(Dollars in thousands)	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,232	$	(13,697)	$	4,535
Non-compete agreements	5.5	6,871		(6,804)		67
Customer-related	18.2	239,661		(44,368)		195,293
Developed technology	7.6	51,999		(34,232)		17,767
Trade names	15.3	7,540		(2,453)		5,087
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,693		(105,944)		222,749
Indefinite-lived - trade names		190,521		—		190,521
Total other intangible assets, net		$	519,214	$	(105,944)	$	413,270

The components of other intangible assets, net as of August 2, 2019 were as follows:

(Dollars in thousands)	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,242	$	(12,916)	$	5,326
Non-compete agreements	5.5	6,879		(6,792)		87
Customer-related	18.3	195,223		(29,479)		165,744
Developed technology	7.6	50,279		(30,203)		20,076
Trade names	15.5	7,590		(2,004)		5,586
Backlog and other	0.6	7,380		(5,187)		2,193
Total finite-lived	15.0	285,593		(86,581)		199,012
Indefinite-lived - trade names		120,874		—		120,874
Total other intangible assets, net		$	406,467	$	(86,581)	$	319,886

The components of other intangible assets, net as of October 31, 2019 were as follows:

(Dollars in thousands)	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,230	$	(13,102)	$	5,128
Non-compete agreements	5.5	6,868		(6,786)		82
Customer-related	18.4	220,390		(33,547)		186,843
Developed technology	7.6	51,911		(31,289)		20,622
Trade names	15.4	7,496		(2,109)		5,387
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	309,285		(91,223)		218,062
Indefinite-lived - trade names		134,312		—		134,312
Total other intangible assets, net		$	443,597	$	(91,223)	$	352,374

Amortization expense for finite-lived intangible assets during the third quarter of fiscal 2020 and fiscal 2019 was $5.0 million and $7.4 million, respectively. Amortization expense for finite-lived intangible assets during the first nine months of fiscal 2020 and 2019 was $14.6 million and $12.9 million, respectively. Estimated amortization expense for the remainder of fiscal 2020 and succeeding fiscal years is as follows: fiscal 2020 (remainder), $4.9 million; fiscal 2021, $19.5 million; fiscal 2022, $18.3 million; fiscal 2023, $16.5 million; fiscal 2024, $15.5 million; fiscal 2025, $13.9 million; and after fiscal 2025, $134.1 million.